Shriram Properties to raise Rs 800 cr via IPO by August end

01 Jul 2021 CW Team

Leading real estate major Shriram Properties is expected to launch an initial public offering (IPO) to raise Rs 800 cr before the end of August.

The company filed a Draft Red Herring Prospectus (DRHP) in April to raise up to Rs 800 cr through an IPO.

The company received the DRHP observations from markets regulator Sebi earlier this month.

Sources reveal that Shriram Properties intends to enter the capital market by the end of July or early August.

The company plans to raise Rs 800 cr through the IPO, with Rs 250 cr coming from a new issue of equity shares and Rs 550 cr coming from an offer for sale, according to the DRHP.

TPG Capital, Tata Capital, Walton Street Capital, and Starwood Capital, which own around 58% of Shriram Properties, have proposed partial exits.

The net proceeds from the new issue will be used for debt repayment and/or prepayment, as well as general corporate purposes.

Shriram Properties is a prominent real estate developer in south India. The company has a track record of successfully completing numerous real estate projects and is currently working on several more.

In spite of the Covid-19 outbreak, the real estate sector in India has seen two successful Real Estate Investment Trust public offerings (REITs).

K Raheja's Mindspace Business Parks REIT was listed in August 2020 after raising Rs 4,500 cr, while global investment firm Brookfield's REIT was listed in February after raising Rs 3,800 cr.

Macrotech Developers, formerly Lodha Developers, raised Rs 2,500 crore through an IPO in April.

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Also read: Nuvoco Vistas Corp files DRHP for Rs 5,000 cr IPO

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